Press Releases
26 Apr 2010
Interim Management Statement
In advance of a number of scheduled investor meetings and given that Cookson’s outlook for the first half of 2010 has improved since its preliminary results announcement on 2 March 2010, the Group has brought forward to today its Interim Management Statement, which now covers the period from 1 January to 25 April, 2010.
Current expectations for H1 2010
- Reported revenue up 13% to 15% on H2 2009 (25% to 27% on H1 2009)
- Underlying revenue up 8% to 10% on H2 2009 (22% to 24% on H1 2009)
- Half year trading profit in the region of £110m to £115m, up 15% to 20% on H2 2009 (£95m)
Current trading and outlook
Global steel production, notably for Europe and NAFTA, has grown at a faster rate in the first quarter of 2010 than previously anticipated. Foundry castings end-markets have shown some improvement in the emerging economies, but remained low in Europe and NAFTA. Electronics end-markets have shown faster growth in the first quarter of 2010 than previously anticipated. The Precious Metals division continues to benefit from very high levels of reclaim business. As a result of these improvements, reported revenue for the first half of 2010 is now expected to be in the region of 13% to 15% ahead of the second half of 2009 (25% to 27% ahead of the first half of 2009). Underlying revenue, which is revenue at constant exchange rates adjusted for the impact of commodity metal prices, for the first half of 2010 is expected to be in the region of 8% to 10% ahead of the second half of 2009 (22% to 24% ahead of the first half of 2009).
Conference call
Nick Salmon, Chief Executive, will be hosting a conference call for analysts and investors at 8.30am (UK time) today (26 April). To join the call, please use the dial in number below:
Conference call:
+44 (0)20 7806 1957 all participants
Confirmation code: 6345790
A replay of the call will be available one hour after the event on the following number:
Replay (available until 11 May 2010):
+44 (0)20 7111 1244 non-US participants
+1 347 366 9565 US participants
Access code: 6345790#
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